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28 December, 17:32

Jim operates his business on the accrual method and this year he received $4,000 for services that he intends to provide to his clients next year. Under what circumstances can Jim defer the recognition of the $4,000 of income until next year?

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  1. 28 December, 19:42
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    He can choose to defer the recognition of the income until next year, only if the income is not recognized for financial accounting purposes.
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